Nike Quietly Dumps NFT Unit RTFKT as Converse Revenue Drops 30%

Nike has quietly sold its digital products subsidiary RTFKT, the NFT unit it acquired during the 2021 crypto boom, as the sportswear giant’s Converse brand reported a 30% drop in quarterly sales last December. The sale, effective December 16, marks Nike’s definitive exit from blockchain-based collectibles and signals a strategic retreat to its core athletic performance business under the new leadership of CEO Elliott Hill. The sportswear giant had previously announced plans last year to end its non-fung ...